T. Rowe Price appoints new president and chief operating officer

T. Rowe Price Group named Rob Sharps as its new president Thursday, possibly setting him up as the future successor to Bill Stromberg, who remains CEO and chairman of the Baltimore investment firm’s board.

Sharps, 49, will continue to serve as T. Rowe’s head of investments and group chief investment officer, overseeing its $1.46 trillion in assets under management as of Jan. 31.

The firm also named Céline Dufétel as chief operating officer, and she will continue as chief financial officer and treasurer.

“The investment management industry is undergoing a period of change and disruption. And T. Rowe Price has been evolving at pace to meet the changing needs of our clients,” Stromberg, 60, said in a statement. “We have developed new investment strategies and vehicles, broadened and strengthened our distribution, and modernized our technology and operations. The size and complexity of the company have increased significantly, and we expect this trend to continue.

“Rob and Céline have each expanded their roles and influence in recent years to help us navigate this period of change. Their appointments today reflect the growing breadth of their contributions and our intention to deepen our senior leadership in preparation for additional growth in the future.”

Sharps joined T. Rowe in 1997 and served for 16 years as portfolio manager of its U.S. Large-Cap Growth Equity Strategy fund. He became the firm’s top investment officer in 2018. He is a graduate of Towson University and the University of Pennsylvania’s Wharton School of Business.

Dufétel, 40, is not a longtime veteran of the firm, having joined in 2017 as chief financial officer and treasurer from Neuberger Berman Group, a New York investment management firm. T. Rowe credits her with improving its operations in recent years and overseeing its response to the coronavirus pandemic. In addition to becoming chief operating officer, Dufétel will take on oversight of T. Rowe’s account services in April and technology in July. She is a graduate of École Polytechnique near Paris and Princeton University.

T. Rowe recently announced that it will be relocating from its longtime headquarters towering over the Inner Harbor at 100 E. Pratt St. to a new pair of buildings to be constructed a mile away in Harbor Point.